AstraZeneca PLC Stock Forecast

AstraZeneca PLC stock downgraded to Hold/Accumulate
(Updated on May 10, 2024)

ZEG.F Signals & Forecast

The AstraZeneca PLC stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at 142.04€ and 131.26€. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, February 29, 2024, and so far it has risen 21.98%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). AstraZeneca PLC has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. The stock had a Golden Star Signal on Wednesday, March 06, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for AstraZeneca PLC stock

On the downside, the stock finds support just below today's level from accumulated volume at 126.00€ and 114.95€. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, AstraZeneca PLC finds support just below today's level at 126.00€. If this is broken, then the next support from accumulated volume will be at 114.95€ and 113.75€.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved 1.05€ between high and low, or 0.731%. For the last week, the stock has had daily average volatility of 1.00%.

The AstraZeneca PLC stock is extremely overbought on RSI14 (89). This increases the short-term risk substantially.

Our recommended stop-loss: 139.36€ (-3.22%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 89 and this increases the risk substantially. There is a buy signal from a pivot bottom found 48 days ago.)

Trading Expectations (ZEG.F) For The Upcoming Trading Day Of Monday 13th

For the upcoming trading day on Monday, 13th we expect AstraZeneca PLC to open at 144.05€, and during the day (based on 14 day Average True Range), to move between 141.69€ and 146.31€, which gives a possible trading interval of +/-2.31€ (+/-1.61%) up or down from last closing price. If AstraZeneca PLC takes out the full calculated possible swing range there will be an estimated 3.21% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ 126.00€, some 18.00€ (12.50%) from the current price of 144.00€, our system finds the risk reward attractive.

Is AstraZeneca PLC stock A Buy?

AstraZeneca PLC holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.000 Hold/Accumulate Downgraded

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for AstraZeneca PLC of Monday, May 13, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.